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Educating Tomorrow's Franchisees
March, 2014
 

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Welcome to the March 2014 edition of The Educated Franchisee Insider Newsletter.

 

Big news this month comes out of the International Franchise Association annual meeting in New Orleans. Attendance was near record setting levels with over 3500 franchise professionals learning from each other. The 2014 Franchise Business Economic Outlook Report was also released and the data continues to show strong growth of franchising -

 

 

2013 Actual

2014 Projected

Establishment (% Change)

+1.4%

+1.7%

Output (% Change)

+4.3%

+4.7%

Employment (% Change)

+2.3%

+2.3%

GDP (% Change)

+4.1%

+4.5%

 

 

Another interesting graph is growth by category

 

The final graph is the Franchise Business Index which provides a general of the overall economic health of the franchising Sector. As you can see, the trend is consistently positive.
Source: IHS Global Insight, March 2012

   

 

Overall, the franchising sector continues to expand in a predictable and consistent way.

 

If you have any questions regarding these graphs, please let me know. I will be uploading them onto www.educatedfranchisee.com for you to review.

 

Hope you enjoy this month's articles.

 

Respectfully, 

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Rick Bisio
Founder of The Educated Franchisee
Top 10 Qualities That Make a Leader

Having a great idea, and assembling a team to bring that concept to life is the first step in creating a successful business venture. While finding a new and unique idea is rare enough; the ability to successfully execute this idea is what separates the dreamers from the entrepreneurs. However you see yourself, whatever your age may be, as soon as you make that exciting first hire, you have taken the first steps in becoming a powerful leader. When money is tight, stress levels are high, and the visions of instant success don't happen like you thought, it's easy to let those emotions get to you, and thereby your team. Take a breath, calm yourself down, and remind yourself of the leader you are and would like to become. Here are some key qualities that every good leader should possess, and learn to emphasize.

Honesty -  Whatever ethical plane you hold yourself to, when you are responsible for a team of people...  

    

Go to Forbes, Click Here 

Google's 8 Pillars of Innovation  

How does a company like Google continue to grow exponentially while still staying innovative? Susan Wojcicki, Google's Senior Vice President of Advertising, discusses some of the processes and principles in place to make sure that the company doesn't get bogged down in the past as it keeps moving forward. 

The lessons from Google's eight Pillars of Innovation can be used by every small business owner.

 

Go to Think With Google, Click Here 

The Importance of Giving Credit

 

Virtually everyone has experienced or witnessed instances in which credit was assigned in an unfair manner: managers unabashedly took credit for the work of their invisible hard-working staff; quiet performers were inadequately recognized for their contributions; credit was assigned to the wrong individuals and for the wrong things.  

 

If a company reliably assigns credit to deserving individuals and teams, the resulting belief that the system is fair and will honestly reward contributions will encourage employees to give their utmost. On the other hand, if credit is regularly misassigned, a sort of organizational cancer emerges, and individuals and teams won't feel the drive to deliver their best because they won't trust anyone will recognize it if they do.

 

From my experiences leading teams in government, academia, clinical medicine, and the private sector, I have evolved a set of rules to help manage some of the issues with the assignment of credit. These rules are my own and don't reflect any official policies of the organizations where I've worked.

 
Go to Harvard Business Review, Click Here
Giving Older Entrepreneurs a Boost

 

Elizabeth Isele spent 30 years as a book editor at New York publishers. She moved to Portland, Me., in 1996 and set up a nonprofit that taught computer skills to the elderly. Now Isele, 71, is reinventing herself again, this time as an advocate for senior entrepreneurs. In recent months she's addressed the Federal Reserve and the Senate Special Committee on Aging, asking policymakers to facilitate access to loans and other capital for older Americans starting small businesses. "It's always been interesting to hear about someone who's retired and opens a bicycle shop or vineyard," she says. "I'm trying to get people to understand that this isn't just some nice and lovely story. Seniors are driving economic opportunity and creating jobs."

A 2013 Gallup poll showed that 73 percent of boomers expect to remain in the workforce well beyond the time they'll be eligible to begin collecting Social Security-41 percent by choice and 32 percent by necessity. Among entrepreneurs ages 20 to 64 who founded their first businesses in 2012, 23 percent were 55 or older, according to the Ewing Marion Kauffman Foundation, up from 14 percent in 1996. About half of businesses started by senior entrepreneurs are still in existence after five years, according to Isele's organization, Senior Entrepreneurship Works. That's slightly better than the survival rate for all new businesses.


Go to Bloomberg, Click Here
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There is a reality in life.  Greater knowledge drives better decisions and better decisions reduce business risk.  Franchising is all about risk reduction but not all franchises are low risk.  Our books are designed to empower you.  By following the advice and guidance presented in our books you will recognize high quality franchises and confidently pass over those that are not.

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Author - Rick Bisio,  rbisio@educatedfranchisee.com